Ajay borrowed $6000 cash from his friend Tim, * which account should be credited and which should be debited

Ajay account will be credited with $6000. While Tim account will be debited by $6000

answer/// real gdp decreases to y3 and the price level falls to p3;

credit history is used by lenders to determine whether you are a 'risky' person to give their money to.

having a short history provide very little data for the lenders. they wouldn't be able to determine your credit behavior from such a small samples. even if they are perfect.

having long credit history with few blemishes provide larger and more accurate data for the lenders to predict your credit behavior.